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12 Mar 2015
EUR/GBP hits fresh highs above 0.7070 on German data
FXStreet (Mumbai) - EUR/GBP reversed previous losses and trades modestly flat in the early European morning, after German CPI data showed that Europe's powerhouse moved away from a nominal deflation in February, confirming preliminary figures which surprised markets two weeks ago.
EUR/GBP rises from 0.7056 levels
Currently, the EUR/GBP cross traded flat at fresh session highs of 0.7072 levels, firmly supported above 0.70 handle. The cross in EUR/GBP erased losses as the shared currency regained strength versus the pound in reaction to Germany’s final CPI print which confirmed that inflation in the euro zone’s largest economy sped up 0.1% y/y during February, following the 0.4% downturn seen in January.
On the other hand, the pound remains underpinned on broad based US dollar weakness ahead of crucial US economic data due later in the day.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7100 and above which it could extend gains to at 0.7150 levels. To the downside immediate support might be located at 0.7035 levels below that at 0.7011 levels.
EUR/GBP rises from 0.7056 levels
Currently, the EUR/GBP cross traded flat at fresh session highs of 0.7072 levels, firmly supported above 0.70 handle. The cross in EUR/GBP erased losses as the shared currency regained strength versus the pound in reaction to Germany’s final CPI print which confirmed that inflation in the euro zone’s largest economy sped up 0.1% y/y during February, following the 0.4% downturn seen in January.
On the other hand, the pound remains underpinned on broad based US dollar weakness ahead of crucial US economic data due later in the day.
EUR/GBP Levels to consider
To the upside, the next resistance is located at 0.7100 and above which it could extend gains to at 0.7150 levels. To the downside immediate support might be located at 0.7035 levels below that at 0.7011 levels.